London | UK International Trade Minister Liz Truss said on Tuesday that the UK and India would begin negotiating a free trade agreement for the fall, the day after a new trade and investment alliance between the United States was announced. Both countries, especially with regard to vaccines.
According to Downing Street, British Prime Minister Boris Johnson and his Indian envoy Narendra Modi will deepen cooperation between the two countries at a virtual meeting on Tuesday, with London seeking new trade deals after effectively leaving the EU on January 1.
“We will start negotiations on a full-fledged free trade agreement this fall,” Liz Truss told Sky News, adding that “should be done” soon.
In the meantime, he praised the partnership between the two countries, which ended at 1 billion (15 1.15 billion), and said they would benefit each other.
According to the British government, the deal is expected to create more than 6,500 jobs in the UK and include இந்திய 533 million in new Indian investment.
Of this amount, 240 million will be invested by the Serum Institute of India, one of the manufacturers of the Astrogenene vaccine, which will also support clinical trials, research and development and vaccine production.
Liz Truss said trade between India and the former British colonial power was worth $ 23 billion a year and hoped to double that amount by 2030.
Boris Johnson was due to visit India in April to strengthen the business federation, but had to cancel his trip due to a new wave of corona virus epidemic currently sweeping the country.
With a population of about 1.4 billion, India is one of the UK’s pre – Brexit priority markets, focusing on the fastest growing Asia-Pacific region.
The prospect of a future free trade agreement seems certainly far off, with the Indian Prime Minister recognizing the dynamics of “Made in India” and a self-sufficient India.
Last year, New Delhi abruptly refused to join the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement between 15 countries in the Asia-Pacific region, fearing that New Delhi would adversely affect dairy and services in the agricultural and commodity sectors.
Eight years after 16 consecutive failed negotiations, negotiations between the EU and India over a free trade agreement are set to resume in May.